TL;DR:

• Significant Stablecoin Growth, But No “ChatGPT-Style” Boom Yet: Since the crypto market peak in September 2025, total stablecoin supply has grown from approximately $286 billion to roughly $316 billion — an increase of about 10.6%. While cumulative growth exceeds 50% when measured from the start of 2025, the sector as a whole still does not exhibit the exponential diffusion characteristic of ChatGPT’s early stages.

• Essentially an On-Chain Extension of the USD System: Mainstream stablecoins are pegged to assets like US dollar cash and short-term Treasuries via a 100% reserve mechanism. Their core function is migrating USD payment and settlement pathways onto blockchain networks, rather than creating a new layer of…